Yes Bank Remit: Your full guide

Aman Saxena

Yes Bank Remit caters to Non Resident Indians living in a handful of countries who want to send money back home to India. You can use Yes Bank Remit to send money to any bank account in the country, even non-Yes Bank account holders.

While it does operate online, Yes Bank Remit is a two step process that requires you to do the transaction through the platform and then payment through your own local online banking. And watch out for fees with Yes Bank Remit, including a hidden exchange rate fee.

Read on to learn more about how Yes Bank Remit works and if it is worth considering for your next transfer to India.

Send money abroad with Yes Bank Remit

Yes Bank Remit lets Non Resident Indians in 6 different countries send money to India. The countries you can send money from are:

  • Australia
  • Canada
  • Singapore
  • Switzerland
  • UAE
  • United Kingdom
⚠️ If you are in the US or Europe- Yes Bank Remit would not work for you, but check out Wise’s honest fee comparison tool to find the best option
The true cost of sending USD to INR

You don’t need to be a Yes Bank customer to use Yes Bank Remit, and neither does your recipient in India. You can use the platform to send money to any bank account in India.

The process to send money with Yes Bank Remit is a two step process.

  1. You will first have to submit the transfer information for India, including beneficiary details, through Yes Bank Remit. When you’ve submitted the information, you will receive the transaction reference number and the local Yes Bank Remit payment details.
  2. Then you will have to go to your local bank’s online banking and transfer the same transaction amount to Yes Bank’s local account. So if you are in, say, Australia, you will have to pay into Yes Bank Remit’s Australia account. When it is all completed, you will receive an email confirmation when the money has been deposited to your recipient.

Keep in mind, the transaction must be for a personal, or individual to individual, transaction, as Yes Bank Remit doesn’t allow for business payments to India.

Non Resident Indians can also use Yes Bank Remit to send money to their own NRE or NRO bank accounts in India too.¹

To get started you will have to first sign up for a Yes Bank Remit account.

How to open a Yes Bank Remit account

It is easy to get started from the Yes Bank Remit website. You’ll be asked to sign up by providing your name, email ID, mobile number and the country you’re based in.

Once you’ve put in your details, you’ll be asked to input your recipient’s bank account information. Make sure you have the IFSC code for the specific bank and bank branch your recipient uses.

One more thing, make sure your local bank account from the sending country matches the details of your Yes Bank Remit information. The details have to match as Yes Bank Remit will deposit a small amount in your local bank account for verification.

You will be notified of the small transaction by email and you will have to log into Yes Bank Remit to verify the amount put in your bank account by the service. Once it is verified, you can start with your transfer to India.²

Yes Bank Remit charges and fees

While Yes Bank Remit doesn’t have a transfer fee for the transaction, they do have two other forms of charges.

The first is called a service tax which is applied on the gross converted amount in rupees. The service tax amount also varies depending on how much you are sending.

Sending amountService tax
Up to ₹100,000.15% + ₹37.50
From ₹100,000 - ₹10,00,000.075% + ₹150
Above ₹10,00,000.015% + ₹825

In the last slab, the maximum amount you can be charged is ₹7,500 as a service tax.

The other fee you will encounter at Yes Bank Remit is hidden in the exchange rate. With the Yes Bank exchange rate set lower than the real exchange rate, Yes Bank Remit is able to sneak in a hidden fee in every rupee you convert. Jump to the next section to learn more.³

Yes Bank Remit transfer limit

The transfer limits depend on which currency you are transferring the money from. Yes Bank Remit has caps on how little or how much you can send, and how many times you can send money in a day, month and year.

For instance, for money being sent from Australia, you are capped at 80 transfers a year and the total amount can’t go over 500,000 Australian dollars. Check with Yes Bank Remit for how much you can send for your particular currency.⁴

Time it takes with Yes Bank Remit

The time it takes for your money to arrive with Yes Bank Remit depends on what country you are sending the money from. In most cases it will take 2-3 working days, but transfers from Australia will be deposited the same day if made before 1pm in Australia. And money sent from Canada on the other hand will take 5 business days to arrive in India.⁵

There is always a reason to celebrate, so send gifts the fast, easy and simple way to India with Wise. With one award-winning app or the easy to use website, you can send money to local bank accounts at the real exchange rate with Wise. No matter what the occasion.

The true cost of international transfers with Yes Bank Remit

To truly understand how much a transfer to India will cost you with Yes Bank Remit, you have to take a deep dive into the exchange rate.

To start from the top, the real exchange rate, also called the mid-market exchange rate, is the rate that banks use themselves. The real exchange rate is the rate you see on Google or Reuters. And also the rate that you get with Wise.

Yes Bank Remit, and other providers too, set their own exchange rates for global transfers to be lower than the real exchange rate. And in that difference between the rates, Yes Bank is able to take a fee on every dollar, pound, franc or dirham converted.

Let’s look at an example. Say you want to send $1,000 Australian dollars to India. Here is how the exchange rate fee makes a difference:

Yes Bank Remit⁶Wise
Exchange Rate for 1 AUD₹ 53.36₹ 53.9469
Sending $1,000 AUD₹ 53.360₹ 53,946.90

Your recipient can get ₹600 more when you send money with a provider like Wise that uses the real exchange rate. And has no hidden fees.

Open your free Wise account now

A cheap, fast and transparent alternative: Wise


You’ll never have to worry about hidden fees with Wise. You will always get the real exchange rate. No markups or surprises here.

With smart technology and one streamlined process to sign up and send money, Wise makes it cheap and easy to send money to India with Wise. You can sign up for free online and send money right from the comfort of your own home.

So leave the fees behind and join the over 8 million people around the world use Wise for their global transfers.

Sources used for this article:
  1. Yes Bank Remit
  2. Signing up for an Account
  3. Charges & fees
  4. Transfer limits
  5. Time it takes with Yes Bank Remit
  6. Yes Remit

All sources checked as of 15 September, 2020

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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